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Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Chinese developer Agile Property Holdings generated big demand on its return to the international bond market after a two year absence this week, raising $700m as it took advantage of increasing appetite for high yield debt.
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Australian iron ore miner Fortescue Metals Group, a frequent issuer in the high yield market, raised a $2bn senior unsecured bond on Wednesday. The issue was doubled from a planned $1bn of notes in two tranches.
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German fruit gum and liquorice maker Katjes has raised €15m by tapping its domestic bond on Wednesday.
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Spanish construction firm Obrascón Huarte Lain launched a drive-by high yield bond on Thursday, hoping to raise €300m. It has also launched a tender offer for its 2015 bond.
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Novasep, the French supplier of ingredients to the biotech industry, has achieved all necessary conditions for its proposal to restructure its high yield bonds. The news follows Italian directories group Seat Pagine Gialle’s success last week in obtaining consent for its restructuring.
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The Financial Services Authority has fined Nicholas Kyprios, Credit Suisse’s head of European credit sales, £210,000 for “improper market conduct”. He disclosed client confidential information ahead of a bond issue in November 2009.